Bitcoin Cash (BCH) Rallies to $510 High as Sellers Threaten to Short

Azeez Mustapha
26 July 2021 | Updated: 26 July 2021

Key Highlights
BCH rallies to $510 high
The bears are likely to sell on rallies

Bitcoin Cash (BCH) Current Statistics
The current price: $497.06
Market Capitalization: $11,428,914,123
Trading Volume: $1,733,403,132
Major supply zones: $700, $720, $740
Major demand zones: $250, $230, $210

Bitcoin Cash (BCH) Price Analysis July 26, 2021
Bitcoin Cash (BCH) has rebounded and broke the resistance at $460. The crypto has rallied to the high of $500 but further upsides are possible. On the upside, if the current bullish momentum extends above $680, BCH will be in the bullish trend zone. The crypto will tend to rise on the upside. BCH price has broken above the 21-day SMA. If BCH price is above the moving averages, the uptrend will resume.

BCH/USD – Daily Chart

Bitcoin Cash Technical Indicators Reading
BCH is at level 56 of the Relative Strength Index period 14. It indicates that BCH is in the uptrend zone above the centerline 50. BCH is capable of rising on the upside. Presently, BCH is below the 80% range of the daily stochastic. Sellers have emerged in the overbought region of the market. The crypto is in bearish momentum.

BCH/USD – 4 Hour Chart

Conclusion
Bitcoin Cash is in a downward move. The crypto has been trading in the overbought region since July 21. Meanwhile, on July 24 uptrend; a retraced candle body tested the 38.2 % Fibonacci retracement level. The retracement indicates that BCH will rise to level 2.618 Fibonacci extension or level $ 518.61. From the price action, BCH has risen but faces rejection at a high of $510. The crypto is declining on the downside.

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Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.